Chinese smartphone maker Xiaomi Inc.’s venture capital arm has agreed to invest US$25 million in Chinese health products maker Andon Health Company Limited, according to a regulatory filing.
Tianjin-based Andon Health will establish a new entity called iHealth Inc. in Cayman Island, and inject its related global businesses in electronic and smart health device division iHealth into the new platform.
Xiaomi Ventures Limited will hold a 20% stake of iHealth Inc. The two will develop new health products and services that can be applied to Xiaomi’s e-commerce and cloud platforms.
Andon, or Jiuan in Chinese, the Chinese healthcare electronics manufacturer, announced to spin off the division for iHeath, the healthcare appcessory brand, and introduce US$25 million financing from Xiaomi, the Chinese smart device maker and software developer.
The spin-off is named iHealth Inc., according to the Andon announcement, and Xiaomi will have a 20% stake in it. One of Xiaomi’s board directors will join iHealth Inc.’s board of directors.
Their products have been sold in Apple Stores. Now iOS users will be adding to the profits of Xiaomi. The world is getting weirder.